Financial institutions have long been aware of the need to manage
risk in third- and fourth-party vendors, and most have a formal
program for managing that risk. Yet an existing third party risk
management (3PRM) program may not address today's increased
levels of outsourcing and new global regulatory requirements for
cybersecurity.

These factors are prompting many financial firms to reevaluate
the strengths and focus of their 3PRM strategy.

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